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Oct 8, 2018

Asian Markets at Close Report: China markets fall more than 3.7 percent after central bank cuts reserve ratio for lenders I CNBC

On Monday, the Shanghai market posted its worst
daily performance in months on Monday after the central bank cut the
reserve requirement for banks over the weekend.
The Shanghai composite
fell 3.72 percent to close at around 2,716.51 — which marked its
largest decline since June 19, according to Chinese financial services
firm Wind Information. The Shenzhen composite
dropped by 3.834 percent to end at about 1,386.28 on the first trading
day since the Golden Week holidays ended. As of 3:21 p.m. HK/SIN, Hong
Kong's Hang Seng index traded lower by 1.2 percent.
The People's Bank of China
announced on Sunday it was cutting the reserve requirement ratio (RRR) —
or the amount of cash that banks have to hold as reserves — by 100
basis points effective Oct. 15. The RRR is currently 15.5 percent for
large commercial banks and 13.5 percent for smaller lenders.
The move by China's central
bank, its fourth in 2018, came amid concerns about the economic impact
of Beijing's ongoing trade war with Washington.
All the major Chinese banks saw sharp declines on Monday. Industrial and Commercial Bank of China fell by 3.64 percent, China Construction Bank tumbled by 4.28 percent while Agricultural Bank of China lost 2.57 percent.
Australia's markets also ended the day lower with the ASX 200 shedding 1.38 percent at 6,100.3, with major sectors lower.
The heavily-weighted financial sector closed lower by 1.33 percent, with shares of Australia and New Zealand Banking Group (ANZ) falling by 2.63 percent and Commonwealth Bank of Australia lower by 0.93 percent.The
movement in ANZ's stock came after it announced that its full year 2018
cash profit would be "impacted by additional charges for customer
compensation, accelerated amortisation of software and other notable
items."
Other Asian markets were also in negative territory. South Korea's Kospi slipped by 0.6 percent to close at 2,253.83, while shares of industry heavyweight Samsung Electronics held on to gains of 0.56 percent.
Stocks of companies under
the Lotte Group also rose following its Chairman Shin Dong-bin's
release from prison last Friday after a court suspended his jail
sentence for a crime linked to former South Korean President Park
Geun-hye. Lotte Confectionery saw gains of 2.68 percent, while Lotte Himart advanced by 1.08 percent and Lotte Chemical jumped by 3.05 percent.
Japan's markets are closed for a public holiday.

Currencies and oil

In currency news, the U.S. dollar index,
which tracks the greenback against a basket of peers, was at 95.813 as
of 3:15 p.m. HK/SIN, continuing its rise following a slide in the last
trading session.
Last Friday, yields on the U.S. 10-year Treasury note also hit a new 7-year high before settling at around 3.233 percent on the back of unemployment stateside falling to its lowest levels since 1969.
The Japanese yen saw a recovery to trade largely flat at 113.76 against the dollar, while the Australian dollar continued to trade stronger at $0.7059, as of 3:16 p.m. HK/SIN.
In the oil markets, prices remained lower. As of 3:17 p.m. HK/SIN, the global benchmark Brent crude futures contract slid by around 1 percent to $83.33 per barrel, while the U.S. crude futures contract
was still lower by 0.78 percent at $73.76 per barrel. The moves came
after a U.S. government official said on Friday that the Trump
administration is considering waivers on the country's impending
sanctions on Iran in November.— CNBC's Fred Imbert and Reuters contributed to this report.Correction: This
article has been updated to reflect that the Shanghai composite on
Monday marked its largest decline since June 19, according to Chinese
financial services firm Wind Information.

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